The federal government is making a move to rev up economic growth by unlocking N20 trillion from the nation’s pension funds to finance critical infrastructure projects across the country.

Finance Minister and coordinating minister of the Economy, Wale Edun, disclosed this to State House correspondents after a two-day Federal Executive Council (FEC) meeting presided by President Bola Tinubu at the Presidential Villa on Tuesday.

Finance Minister and coordinating minister of the Economy, Wale Edun, disclosed this to State House correspondents after a two-day Federal Executive Council (FEC) meeting presided by President Bola Tinubu at the Presidential Villa on Tuesday.

He said the initiative forms a key part of Tinubu’s broader reforms to stabilise the economy amid high inflation and interest rates.

To this end, he said the government will collaborate closely with private sector players to tap into the over N20 trillion pool of long-term funds available with Nigeria’s pension, life insurance and investment funds.

The Minister said, “and one of the key drivers of economic growth is investment in infrastructure, in housing, power, rail, roads, water transport, even technology.

“These are key drivers of economic growth, they increase product when you invest in them, you get increased productivity, you get economic growth, and you get job creation, which reduces poverty.


“And that is the strategy, so it’s two-pronged and we’re not pivoting towards this all-important growth and you say where were the resources coming from? Nigeria is resilient, Nigerians are resilient.


“And the fact is that even before we start looking to foreign investors, we start looking to foreign funding, there is available in Nigeria, long term funds to fund infrastructure projects, and it’s within the pension.

“The life insurance and investment fund industry. Generally, there is offers of 20 trillion Naira available, or much of it is in short-term funding that doesn’t need to be quite sure money is long term. People save over their lifetime for their pension.

“And so in conversation, in consultation, collaboration and cooperation with the private sector, we are now able to announce and with the full knowledge and support of all parties, that there will be an initiative to fund growth through investment in infrastructure, including housing provision of mortgages, long term mortgages, 25 year mortgages at relatively low interest rates.

“Initially, of course, the government will standby and provide some support, particularly in this era of high interest rates but eventually as interest rates come down, there should be less room for the government through providing, for example, guarantees and so forth.”


He said this large corpus will be deployed to finance housing, power plants, rail, highways, and cutting-edge technology infrastructure.

The model envisions the government providing enablers like guarantees initially to facilitate affordable 25-year mortgages at low interest rates.

While drawing on domestic savings was the immediate focus, the initiative is expected to attract foreign investment interest over time by demonstrating Nigeria’s commitment to infrastructure development.

The Finance Minister exuded confidence, stating that: “The best minds have committed to realising this ambitious vision that leverages our own resources to build a prosperous future.”

https://leadership.ng/federal-govt-deploys-n20trn-pension-funds-in-infrastructure-investment-push/

CC seun Mynd44 Nlfpmod fergie001

As Cybersecurity Levy didn't work, Tinubu wants to dip his hands into people's pension fund contributions because he wants to finance his coastal highway of fraud. A fraudulent highway connecting Bourdillon with Lebanon.

Tinubu's pension is paid directly from the coffers of the Lagos State Treasury; he never contributed to any PFA, but now he wants to take other people's pension fund contributions to finance their fraudulent projects. 

Tinubu should be warned; people's pension fund contributions shouldn't be touched before we begin to hear another Abdulrasheed Maina pension fund embezzlement story.

Its time for government to cut budget if truly we don't have money as they said. First from the president to the least person in government

Pls nobody should touch my money

Good2go1:
Pls nobody should touch my money

They shouldn't dare touch my hard earn contributory pension fund.

Any calamitous move they want to make, they make it sound normal and so casual. Borrowing from the savings of the young and middle aged workers to fund an unproductive system will be one of the final stroke if not the final stroke. All the useless infrastructure they have built, how many can repay a quarter of their cost?
Nonsense!

NLFPMOD, SEUN,MYND44, do you guys have pension savings? The next round of funds they will use to go and stone the devil in desert is that pension o. They have mortgaged futures and want to borrow the farther future in a country where life expectancy is already trimming futures.
Help sensitize Nigerians with your mouse and keypad o.

Cybersecurity levy no work, they have started looking for another way to steal.

No government should be allowed to touch pension fund. Especially, irresponsible Nigerian politicians. They are all criminals, past, present and future. Thieves

Bobloco:

The federal government is making a move to rev up economic growth by unlocking N20 trillion from the nation’s pension funds to finance critical infrastructure projects across the country.

Finance Minister and coordinating minister of the Economy, Wale Edun, disclosed this to State House correspondents after a two-day Federal Executive Council (FEC) meeting presided by President Bola Tinubu at the Presidential Villa on Tuesday.

Finance Minister and coordinating minister of the Economy, Wale Edun, disclosed this to State House correspondents after a two-day Federal Executive Council (FEC) meeting presided by President Bola Tinubu at the Presidential Villa on Tuesday.

He said the initiative forms a key part of Tinubu’s broader reforms to stabilise the economy amid high inflation and interest rates.

To this end, he said the government will collaborate closely with private sector players to tap into the over N20 trillion pool of long-term funds available with Nigeria’s pension, life insurance and investment funds.

The Minister said, “and one of the key drivers of economic growth is investment in infrastructure, in housing, power, rail, roads, water transport, even technology.

“These are key drivers of economic growth, they increase product when you invest in them, you get increased productivity, you get economic growth, and you get job creation, which reduces poverty.


“And that is the strategy, so it’s two-pronged and we’re not pivoting towards this all-important growth and you say where were the resources coming from? Nigeria is resilient, Nigerians are resilient.


“And the fact is that even before we start looking to foreign investors, we start looking to foreign funding, there is available in Nigeria, long term funds to fund infrastructure projects, and it’s within the pension.

“The life insurance and investment fund industry. Generally, there is offers of 20 trillion Naira available, or much of it is in short-term funding that doesn’t need to be quite sure money is long term. People save over their lifetime for their pension.

“And so in conversation, in consultation, collaboration and cooperation with the private sector, we are now able to announce and with the full knowledge and support of all parties, that there will be an initiative to fund growth through investment in infrastructure, including housing provision of mortgages, long term mortgages, 25 year mortgages at relatively low interest rates.

“Initially, of course, the government will standby and provide some support, particularly in this era of high interest rates but eventually as interest rates come down, there should be less room for the government through providing, for example, guarantees and so forth.”


He said this large corpus will be deployed to finance housing, power plants, rail, highways, and cutting-edge technology infrastructure.

The model envisions the government providing enablers like guarantees initially to facilitate affordable 25-year mortgages at low interest rates.

While drawing on domestic savings was the immediate focus, the initiative is expected to attract foreign investment interest over time by demonstrating Nigeria’s commitment to infrastructure development.

The Finance Minister exuded confidence, stating that: “The best minds have committed to realising this ambitious vision that leverages our own resources to build a prosperous future.”

https://leadership.ng/federal-govt-deploys-n20trn-pension-funds-in-infrastructure-investment-push/

Y'all can kiss your pensions goodbye

Clueless Tinubu only knows how to squander. After ravaging oil revenues, external reserves, local and foreign loans, the balablu bulaba is now going after pensioners money. Nigerians must resist this latest trial and error policy of the emilokan maladministration.

CodeTemplar:
Any calamitous move they want to make, they make it sound normal and so casual. Borrowing from the savings of the young and middle aged workers to fund an unproductive system will be one of the final stroke if not the final stroke. All the useless infrastructure they have built, how many can repay a quarter of their cost?
Nonsense!

APC is a den of armed robbers. I can tell you for free, those pension funds are as good as stolen

Hope its not another stealing Avenue

Ewooo

There's no trust in the system so when I see news like this, I go just know say men go thief the money plenty

Hmmmm, bad news on a good morning . It is finished , shame on this party

Pensioners in trouble 😒

Nwanimo just Negodu

Is there a law that gives government the right to do this??

Workers contributions is what these guys want to dip their hands into. Why not dip your hands into the numerous allowances and salaries paid to politicians and their aides?

NLC, workers both in private and public sphere should stand against this action else, all their pension funds will be gone if they allow this government to touch it.

Chai...this people are heartless oo
Money meant for poor retired workers that they want to share among themselves
The first son...the one that his name starts with S and ends in I will surely get like 2 or 3 trilli from this scam...
Wetin this people dey pack all this money for sef...for this short life or for their next life?
Nawa oo!!!

Nigerians should resist these criminals from touching people's pension. It's good they acknowledge no investor is coming in. They should return the stolen mandate and exit the scene.

Are this people okay. My pension?
Well, pension is a scam

Are this people okay. My pension?
Well, pension is a scam
I have close to 10m and am suffering. Life no balance

Are this people okay. My pension?
Well, pension is a scam
I have close to 10m and am suffering. Life no balance
Government don eventually cruise with my pension

This is a good move irrespective of the expected cynism and distrust of govt's intention in using pension funds to achieve it.

A question to govt is what is happening to the N20trillion infrastructure fund floated some time ago? Wale Edun should strive to always present a simple end to end comprehensive fiscal plan so we see how each element relates to the other.

People's distrust is justified until govt can gain their trust. Lots of it is in how this is communicated and people carried along. The same cynism about the phantom claim that govt is dipping hands into domiciliary accounts to 'steal' depositors hard earned forex. Nothing can be further from the truth but patient education and communication will help massively. Onwards forever.

Tinubu supporters : Obj is a devil, he didn't achieve anything!

Isn't this the same pension funds Obj managed to help institutiite?

Only a total idiot will ever compare Obj and this Chicago disaster.

Oya o, Tinubu chop am finish....all the sweat of working Nigerians fa! Hmmmm. GOD IS WATCHING!

Chai APC no get single shame, na old people money they wan chop next.

stepaside1:
This is a good move irrespective of the expected cynism and distrust of govt's intention in using pension funds to achieve it.

A question to govt is what is happening to the N20trillion infrastructure fund floated some time ago? Wale Edun should strive to always present a simple end to end comprehensive fiscal plan so we see how each element relates to the other.

People's distrust is justified until govt can gain their trust. Lots of it is in how this is communicated and people carried along. The same cynism about the phantom claim that govt is dipping hands into domiciliary accounts to 'steal' depositors hard earned forex. Nothing can be further from the truth but patient education and communication will help massively. Onwards forever.

It is not a good move, especially in Nigeria. Every Nigerian knows that any such funds touched by government will dissapear forever.

Dammmmmmmmnnnn it😏😏😏😏😏
eBOLA and his notorious gang of insatiable THIEVES are about to CASH OUT big time again! 💯💯💯😕😕

Hmmmmmmm.
These thieves will not rest until they empty our treasury